Concentrix Co. (NASDAQ:CNXC) Sees Large Increase in Short Interest

Concentrix Co. (NASDAQ:CNXC) was the recipient of a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 6,800,000 shares, a growth of 7.4% from the November 30th total of 6,330,000 shares. Based on an average daily volume of 868,900 shares, the short-interest ratio is currently 7.8 days. Approximately 14.8% of the company’s stock are short sold.

Analyst Ratings Changes

A number of research firms recently weighed in on CNXC. Canaccord Genuity Group dropped their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Bank of America cut their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. Barrington Research decreased their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Finally, Robert W. Baird started coverage on shares of Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Concentrix currently has a consensus rating of “Buy” and a consensus target price of $79.00.

Insider Activity at Concentrix

In other news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the transaction, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 11,323 shares of company stock valued at $584,362. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Concentrix

Several institutional investors have recently bought and sold shares of the stock. State Street Corp raised its position in shares of Concentrix by 1.3% in the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after purchasing an additional 18,304 shares during the period. GSA Capital Partners LLP bought a new position in shares of Concentrix during the 3rd quarter valued at $1,243,000. Raymond James & Associates boosted its holdings in Concentrix by 73.3% during the 3rd quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock valued at $2,835,000 after acquiring an additional 23,387 shares during the period. State of Alaska Department of Revenue increased its stake in shares of Concentrix by 24.8% in the third quarter. State of Alaska Department of Revenue now owns 64,783 shares of the company’s stock worth $3,319,000 after buying an additional 12,870 shares during the period. Finally, Intech Investment Management LLC bought a new position in Concentrix during the 3rd quarter valued at approximately $1,255,000. Institutional investors own 90.34% of the company’s stock.

Concentrix Price Performance

NASDAQ:CNXC traded up $1.07 during mid-day trading on Thursday, reaching $44.34. The stock had a trading volume of 16,441 shares, compared to its average volume of 580,326. The stock has a market capitalization of $2.87 billion, a PE ratio of 14.40, a P/E/G ratio of 0.56 and a beta of 0.63. Concentrix has a 12 month low of $36.28 and a 12 month high of $106.10. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a 50-day simple moving average of $42.85 and a two-hundred day simple moving average of $56.05.

Concentrix Company Profile

Concentrix Corporation engages in the provision of technology-infused customer experience (CX) solutions worldwide. The company provides CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services, across various channels of communication, such as voice, chat, email, social media, asynchronous messaging, and custom applications.